Crypto trading is popular. In fact, in 2018, that may be a bit of an understatement. Demographics across the board have started crypto trading, investing both time and money in the sector. Don’t get me wrong, cryptocurrency has its benefits. However, with the good comes the bad, and some people are treating crypto trading as if it were gambling. Yes, crypto trading addiction has become a very real thing.
That’s why a county in Scotland is opening up a treatment center for what they have deemed “crypto addicts.”
Treatment Centre for Crypto Trading Addiction
The Castle Craig Hospital in the county of Peeblesshire announced recently that it will be opening a treatment center for those addicted to crypto trading. The hospital wants to help “crypto addicts,” and plans on doing so by teaching them recovery techniques created for those addicted to gambling. It’s likely the Castle Craig Hospital will be able to have an effect on those admitted, too, considering the institution already runs a successful center for alcohol and drug addiction.
Too much of anything can become a problem, so it’s always important to find that balance. With the growing popularity of #cryptocurrency, those hooked on trading virtual money can now get treatment in the first centre of its kind in the Scottish Borders. | #crypto #cryptonews pic.twitter.com/SUjFNQKRK5
— Automata Robo Advisor (@automatacrypto) May 28, 2018
Chris Burns, a gambling therapist at the hospital, shared his thoughts on the matter. He said those addicted to crypto trading often display the same signs as gambling addicts. Specifically, Burns cited the volatile crypto market for being the reason for the similarity. Burns added that the crypto market is exciting and can help someone escape from their reality. Gambling can also do this.
Elaborating further, Burns provided an example, using Bitcoin. He said that crypto trading, specifically Bitcoin trading, provides a thrill, like when Bitcoin gets heavily traded and then both massive gains and losses are made. Interesting side note: Bitcoin is currently crashing – or price correcting, it’s unclear right now – and is approaching the $7,000 mark.
While the hospital said it is unclear how many people are addicted to crypto trading, there are roughly $13M people across the globe trading virtual currencies. So, you can do the math.
It’s interesting that a treatment center, similar to one for drugs and alcohol addiction, has opened up for crypto trading addiction. However, I suppose that’s the world that we are living in now. The crypto industry is likely to stick around for a while, so it’s important people learn to trade responsibility. Way to go, Scotland! Making the first move.
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